Total Quality Management (TQM)

question 65

Multiple Choice

Total quality management (TQM)

• A)is a philosophy of managing a set of business practices that emphasizes continuous improvement in all phases of operations,100 percent accuracy in performing tasks,involvement and empowerment of employees at all levels,team-based work design,benchmarking,and total customer satisfaction.
• B)is a valuable tool for helping company managers identify what the best practice is for performing a particular activity.
• C)works best when used in conjunction with Six Sigma quality control techniques.
• D)is an excellent tool for reengineering business processes and making quantum gains in the efficiency and effectiveness with which the processes are performed.
• E)is a philosophy of doing things that aims at mistake-free management of a company's entire business.

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Definitions:

Competitive Advantage

The attribute that allows an organization to outperform its competitors, such as cost, product quality, or customer service.

Low-Cost Producer

A business strategy aimed at becoming the most cost-efficient manufacturer in an industry to gain a competitive advantage.

High-Cost Producer

An entity that produces goods or services with higher operational costs compared to its competitors.

"Me Too" Strategy

A business approach where companies mimic successful products or services, aiming to capture a share of an established market.